Life Lease vs Condominium
What’s the difference between a Life Lease unit and a Condo?
- Life Lease A life lease is a legal arrangement granting individuals the right to occupy a residence for life or a predetermined period without holding title to the property. Our model enables the resident to potentially maintain their equity and capitalize on market conditions that may benefit your estate.
- Condominium A condominium comprises individually owned units within a collective complex, including co-ownership of common facilities. This type of ownership enables the resident to maintain their equity and potentially capitalize on market conditions that may benefit your estate.
Distinction from Rental
A life lease involves an upfront payment, securing occupancy without the uncertainty of rent hikes or un warranted evictions, offering a more stable and cost-effective long-term option.
Financial Compensation
Renting offers no return on investment, whereas life leases and condominiums allow for equity accumulation and potential market-value sales, safeguarding one's financial legacy
Condominium Ownership
Condominium ownership entails exclusive rights to a private unit and a proportional share in communal property elements.
Inheritance & Transferability
Life leases generally do not extend beyond the original purchaser's life or term, while condominiums can be bequeathed or transferred, akin to standard real estate.
Maintenance Responsibilities
Life lease maintenance falls to the proprietor or managing entity, whereas condominium owners handle their unit's upkeep, with common area maintenance distributed among all proprietors.
Property Alterations
Life lease occupants may face limitations on property modifications due to non-ownership, while condominium residents typically enjoy greater latitude for changes within their units, subject to association guidelines.